Economists view free trade as a way to raise living standards both at home and abroad
a. True
b. False
Indicate whether the statement is true or false
True
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Under perfect price discrimination, marginal profit at each level of output equal
A) 0. B) P - AC. C) P - MC. D) P - AR.
Selling a good abroad below the price charged in the home market is
A) a basic argument for free trade. B) the infant industry argument. C) dumping. D) a voluntary restraint agreement.
Assume that in year 1 your average tax rate is 20 percent on a taxable income of $20,000. If the marginal tax rate on the next $10,000 of taxable income is 30 percent, what will be the average tax rate if your taxable income rises to $30,000?
A. 7 percent. B. 30 percent. C. About 16 percent. D. About 23 percent.
An elasticity of 0.75 means that a 1% change in price will lead to a ____% change in quantity demanded.
A. 0.25 B. 0.75 C. 2.5 D. 7.5